41 Quotes by Urjit Patel

  • Author Urjit Patel
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    The monetary policy committee could either keep rates constant, increase them, or bring them down. There are three options possible compared to when it is accommodative.

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  • Author Urjit Patel
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    As many have pointed out, it is not clear that we need so many public sector banks. The system could be better off if they are consolidated into fewer but healthier banks.

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  • Author Urjit Patel
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    We have been mandated by the government, backed by legislation, that we have to have an inflation target of about 4%.

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  • Author Urjit Patel
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    Yes, 4% is the government-mandated target to the MPC. The plus/minus 2 percentage-point upper and lower bands are the tolerance levels specified by the government. If we breach those for three consecutive quarters, we need to inform the government of why that happened and what we propose to do to bring inflation within the two bands.

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  • Author Urjit Patel
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    There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number which is not a mere estimate but a verified number both physically and in the accounting sense.

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  • Author Urjit Patel
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    There are some things that are under our control, and that is to ensure that we ourselves follow sound macroeconomic stability rules.

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  • Author Urjit Patel
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    I think India's policy that the openness of trade should be carried through a multilateral process is the right one.

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  • Author Urjit Patel
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    Enhanced transparency has helped to reinforce the stability of India's financial system.

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  • Author Urjit Patel
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    I think that is a very important milestone in our economic history that the monetary policy is now determined through a committee process where there are both independent committee members and representation from the RBI.

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